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Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
 KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable to reimburse the shipowner for 3 and a half years of storage charges, the cost of which exceeded the value of the cargo.
The claim was brought by Sang Stone, which was both the shipper and the bill of lading holder to whom delivery was to be made, for conversion in relation to 35,000 MT of iron ore, carried from Bandar Abbas (Iran) to Tianjin (China), on board the defendant shipowner’s vessel, the “Bao Yue”.
A dispute arose between Sang Stone, as seller of the iron ore under the FOB sale and purchase contract, and its buyer. As a result Sang Stone withheld the original bill of lading.
The bill of lading had no named consignee, but incorporated the terms of the voyage charter which provided for discharge into a custom bonded warehouse against a letter of indemnity in the event that the original bill of lading was not presented. The charterparty also stipulated that the cost of warehousing the cargo would be for the charterers’ account.
On arrival of the cargo at Tianjin, the original bill of lading was not present so the master discharged the cargo into custom bonded warehouses, via an agent. The agent was then to release the cargo against receipt of the original bill of lading.
However, the cargo was never collected and after 3 years the storage charges exceeded its value. The warehouse owner exercised a lien and refused to release the cargo before payment.
While Sang Stone accepted that the shipowner had been entitled to place the cargo in storage, Sang Stone claimed that the defendant shipowner had converted the cargo on the basis that:
1.”the defendant was not entitled… to arrange for storage of the cargo in a way which gave rise to a lien in favour of the warehouse owner…”; and
2.the conduct of the warehouse and agent amounted to denying the holder of the bill of lading access to the cargo.
The shipowner denied the claims brought by Sang Stone, and counterclaimed for the storage charges.
There is an established principle that where a cargo owner fails to claim delivery of a cargo within a reasonable time, the shipowner is entitled to discharge and store the goods at the cargo owners’ cost. While it was acknowledged by the Court that conversion could occur in circumstances where a lien was created over the goods without authority of the cargo owner, the creation of the lien was, in the circumstances, a “reasonable and foreseeable incident of the storage contract which the defendant was authorised to conclude”. This was particularly the case where a charterparty incorporated into the bill of lading express terms that the cargo could be discharged into storage, which was the position here.
Whilst conversion may be applicable in instances where there is denial of access to goods such that the cargo owner is denied possession of them, the Court found that the Sang Stone’s claim fell far short of any deliberate encroachment of rights by the shipowner. Sang Stone had in fact never presented the bill of lading, and therefore the statements of the agent and warehouse operator had never been tested. Moreover, Sang Stone had not been deprived of the use and possession of the goods: the cargo was available on presentation of the original bills of lading and payment of the charges.
The claim for conversion failed and Sang Stone was liable for the storage charges exceeding the value of the cargo. The Court ordered Sang Stone to deliver the original bills of lading to the shipowner, to allow the cargo to be sold.
Source: Clyde & Co LLP
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Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
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- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
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